DOT 49 CFR PART 80-2010 CREDIT ASSISTANCE FOR SURFACE TRANSPORTATION PROJECTS.pdf

1、668 49 CFR Subtitle A (10110 Edition) 79.7 79.7 Award. If the Secretary of Transportation decides that it is warranted, the Sec-retary shall award the Medal on behalf of and in the name of the President of the United States. 79.9 Design. The Department is authorized to adopt and revise the existing

2、designs for the award, rosette, and ribbon pro-vided for by statute. PART 80CREDIT ASSISTANCE FOR SURFACE TRANSPORTATION PROJECTS Sec. 80.1 Purpose. 80.3 Definitions. 80.5 Limitations on assistance. 80.7 Application process. 80.9 Federal requirements. 80.11 Investment-grade ratings. 80.13 Threshold

3、criteria. 80.15 Selection criteria. 80.17 Fees. 80.19 Reporting requirements. 80.21 Use of administrative offset. AUTHORITY: Secs. 1501 et seq., Pub. L. 105 178, 112 Stat. 107, 241, as amended; 23 U.S.C. 181189 and 315; 49 CFR 1.48, 1.49, and 1.51. SOURCE: 64 FR 29750, June 2, 1999, unless otherwise

4、 noted. 80.1 Purpose. This part implements a Federal cred-it assistance program for surface trans-portation projects. 80.3 Definitions. The following definitions apply to this part: Administrative offset means the right of the government to apply moneys held by the government and otherwise owed to a

5、 debtor for the extinguish-ment of claims due the government from the debtor. Conditional term sheet means a con-tractual agreement between the U.S. Department of Transportation (DOT) and the project sponsor (and the lend-er, if applicable) by which the DOT re-serves TIFIA funding for a specific pro

6、ject and commits to providing Fed-eral credit assistance to that project at a future point in time upon satisfac-tion of specified conditions and subject to the future availability of obligation authority. The DOT will not legally ob-ligate budget authority until those conditions are met. Upon satis

7、faction of those conditions, the conditional term sheet can be amended and/or re-stated to trigger an obligation of funds. Credit agreement means a contractual agreement between the DOT and the project sponsor (and the lender, if ap-plicable) that formalizes the terms and conditions established in t

8、he term sheet (or conditional term sheet) and authorizes the execution of a secured loan, loan guarantee, or line of credit. Eligible project costs mean amounts substantially all of which are paid by, or for the account of, an obligor in con-nection with a project, including the cost of: (1) Develop

9、ment phase activities, in-cluding planning, feasibility analysis, revenue forecasting, environmental re-view, permitting, preliminary engi-neering and design work, and other pre-construction activities; (2) Construction, reconstruction, re-habilitation, replacement, and acquisi-tion of real property

10、 (including land re-lated to the project and improvements to land), environmental mitigation, construction contingencies, and acqui-sition of equipment; and (3) Capitalized interest necessary to meet market requirements, reasonably required reserve funds, capital issuance expenses, and other carryin

11、g costs dur-ing construction. Federal credit instrument means a se-cured loan, loan guarantee, or line of credit authorized to be made available under this subchapter with respect to a project. Investment-grade rating means a rat-ing category of BBB minus, Baa3, or higher assigned by a rating agency

12、 to project obligations offered into the capital markets. Lender means any non-Federal quali-fied institutional buyer (as defined in 17 CFR 230.144A(a), known as Rule 144A(a) of the Securities and Exchange Commission and issued under the Secu-rities Act of 1933 (15 U.S.C. 77a et seq.), including: (1

13、) A qualified retirement plan (as de-fined in section 4974(c) of the Internal Revenue Code of 1986, 26 U.S.C. 4974(c) VerDate Mar2010 10:00 Dec 22, 2010 Jkt 220212 PO 00000 Frm 00678 Fmt 8010 Sfmt 8010 Y:SGML220212.XXX 220212jdjones on DSK8KYBLC1PROD with CFRProvided by IHSNot for ResaleNo reproduct

14、ion or networking permitted without license from IHS-,-,-669 Office of the Secretary of Transportation 80.5 that is a qualified institutional buyer; and (2) A governmental plan (as defined in section 414(d) of the Internal Rev-enue Code of 1986, 26 U.S.C. 414(d) that is a qualified institutional buy

15、er. Line of credit means an agreement en-tered into by the Secretary with an ob-ligor under section 184 of title 23 to provide a direct loan at a future date upon the occurrence of certain events. Loan guarantee means any guarantee or other pledge by the Secretary to pay all or part of the principal

16、 of and inter-est on a loan or other debt obligation issued by an obligor and funded by a lender. Local servicer means: (1) A State infrastructure bank es-tablished under title 23; or (2) A State or local government or any agency of a State or local govern-ment that is responsible for servicing a Fe

17、deral credit instrument on behalf of the Secretary. Obligor means a party primarily lia-ble for payment of the principal of or interest on a Federal credit instru-ment, which party may be a corpora-tion, partnership, joint venture, trust, or governmental entity, agency, or in-strumentality. Project

18、means: (1) Any surface transportation project eligible for Federal assistance under title 23 or chapter 53 of title 49; (2) A project for an international bridge or tunnel for which an inter-national entity authorized under Fed-eral or State law is responsible; (3) A project for intercity passenger

19、bus or rail facilities and vehicles, in-cluding facilities and vehicles owned by the National Railroad Passenger Corporation, and components of mag-netic levitation transportation sys-tems; and (4) A project for publicly owned inter-modal surface freight transfer facili-ties, other than seaports and

20、 airports, if the facilities are located on or adja-cent to National Highway System routes or connections to the National Highway System. Project obligation means any note, bond, debenture, or other debt obliga-tion issued by an obligor in connection with the financing of a project, other than a Fed

21、eral credit instrument. Project sponsor, for the purposes of this part, means an applicant for TIFIA assistance or an obligor, as ap-propriate. Rating agency means a bond rating agency identified by the Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organi-zation. S

22、ecured loan means a direct loan or other debt obligation issued by an obli-gor and funded by the Secretary in con-nection with the financing of a project under section 183 of title 23. State means any one of the fifty states, the District of Columbia, or Puerto Rico. Subsidy amount means the amount

23、of budget authority sufficient to cover the estimated long-term cost to the Federal Government of a Federal cred-it instrument, calculated on a net present value basis, excluding adminis-trative costs and any incidental effects on governmental receipts or outlays in accordance with the provisions of

24、 the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.). Substantial completion means the opening of a project to vehicular or passenger traffic or a comparable event as determined by the Secretary and specified in the credit agreement. Term sheet means a contractual agreement between the DOT

25、and the project sponsor (and the lender, if ap-plicable) that sets forth the key busi-ness terms and conditions of a Federal credit instrument. Execution of this document represents a legal obligation of budget authority. TIFIA means the Transportation In-frastructure Finance and Innovation Act of 1

26、998, Pub. L. 105178, 112 Stat. 107, 241 (1998). 64 FR 29750, June 2, 1999, as amended at 65 FR 44939, July 19, 2000 80.5 Limitations on assistance. (a) The total amount of credit assist-ance offered to any project under this part shall not exceed 33 percent of the anticipated eligible project costs,

27、 as measured on an aggregate cash (year- of-expenditure) basis. (b) Costs incurred prior to a project sponsors submission of an application for credit assistance may be considered in calculating eligible project costs VerDate Mar2010 10:00 Dec 22, 2010 Jkt 220212 PO 00000 Frm 00679 Fmt 8010 Sfmt 801

28、0 Y:SGML220212.XXX 220212jdjones on DSK8KYBLC1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-670 49 CFR Subtitle A (10110 Edition) 80.7 only upon approval of the Secretary. In addition, applicants shall not include application charges o

29、r any other ex-penses associated with the application process (such as charges associated with obtaining the required prelimi-nary rating opinion letter) among the eligible project costs. (c) No costs financed internally or with interim funding may be refi-nanced under this part later than a year fo

30、llowing substantial completion of the project. (d)(1) Within the overall credit assist-ance limitation of 33 percent of eligible project costs, the Secretary may con-sider making future-year or multi-year contingent commitments of budget au-thority and associated credit assist-ance for projects temp

31、orarily lacking certain requirements or with extended construction periods and financing needs. The TIFIAs effectiveness in stimulating private investment in transportation infrastructure depends, in large part, on investor recognition that TIFIA credit instruments rep-resent solid and reliable Fede

32、ral com-mitments. Therefore, the Secretary shall make any future-year or multi- year contingent commitment of funds for a project using a conditional term sheet. The conditional term sheet will resemble the standard term sheet that enables the obligation of budget au-thority, but will also specify t

33、he addi-tional actions necessary to trigger sub-sequent obligation(s). The conditional term sheet will include fixed dates by which any requirements must be met in order for the reserved funding to be obligated. (2) Upon execution of the conditional term sheet, the Secretary shall reserve budget aut

34、hority attributable to the appropriate year(s). This reservation will ensure that a project with a condi-tional commitment will have a priority claim (along with that of any other projects receiving such contingent commitments) on budget authority be-coming available in the specified year(s), provid

35、ed that the project spon-sor satisfies each condition outlined in the conditional term sheet. The Sec-retary will limit such reservations to not more than 50 percent of the budget authority becoming available in the applicable year(s). If a multi-year con-tingent commitment is made, each years loan

36、will be tied to distinct, clearly identified project segments or stages or other milestones as specified in the credit agreement. (e) The obligor may draw upon the line of credit only if net project reve-nues (including, among other sources, any debt service reserve fund) are in-sufficient to pay co

37、sts specified in 23 U.S.C. 184(a)(2) under the line of credit, including debt service costs. Debt serv-ice costs include direct payments of principal and interest as well as reim-bursements for such payments in the form of legally required deposits to a debt service reserve fund. (f) The Secretary s

38、hall not obligate funds in favor of a project that has not received an environmental Categorical Exclusion, Finding of No Significant Impact, or Record of Decision. (g) The Secretary shall fund a se-cured loan based on the projects fi-nancing needs. The credit agreement shall include the anticipated

39、 schedule for such loan disbursements. 64 FR 29750, June 2, 1999, as amended at 65 FR 44939, July 19, 2000 80.7 Application process. (a) Public and private applicants for credit assistance under this part will be required to submit applications to the DOT in order to be considered for approval by th

40、e Secretary. (b) At a minimum, such applications shall provide: (1) Documentation sufficient to dem-onstrate that the project satisfies each of the threshold criteria in 80.13 and describe the extent to which the project satisfies each of the selection criteria in 80.15; (2) Background information o

41、n the project for which assistance is sought, such as the projects description, sta-tus of environmental and other major governmental permits and approvals, and construction schedule; (3) Background information on the applicant (project sponsor); (4) Historical information, if applica-ble, concernin

42、g the applicants finan-cial condition, including, for example, independently audited financial state-ments and certifications concerning bankruptcies or delinquencies on other debt; and VerDate Mar2010 10:00 Dec 22, 2010 Jkt 220212 PO 00000 Frm 00680 Fmt 8010 Sfmt 8010 Y:SGML220212.XXX 220212jdjones

43、 on DSK8KYBLC1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-671 Office of the Secretary of Transportation 80.13 (5) Current financial information concerning both the project and the ap-plicant, such as sources and uses of funds for the

44、 project and a forecast of cash flows available to service all debt instruments. (c) An application for a project lo-cated in or sponsored by more than one State or other entity shall be sub-mitted to the DOT by just one State or entity. The sponsoring States or enti-ties shall designate a single ob

45、ligor for purposes of applying for, receiving, and repaying TIFIA credit assistance. (d) Each fiscal year for which Federal assistance is available under this part, the DOT shall publish a FEDERAL REG-ISTER notice to solicit applications for credit assistance. Such notice will specify the relevant d

46、ue dates, the esti-mated amount of funding available to support TIFIA credit instruments for the current and future fiscal years, contact name(s), and other details for that years application submissions and funding approvals. 80.9 Federal requirements. All projects receiving credit assist-ance unde

47、r this part shall comply with: (a) The relevant requirements of title 23, U.S.C., for highway projects, chap-ter 53 of title 49, U.S.C., for transit projects, and section 5333(a) of title 49 for rail projects, as appropriate; (b) Title VI of the Civil Rights Act of 1964 (42 U.S.C. 2000d et seq.); (c

48、) The National Environmental Pol-icy Act of 1969 (42 U.S.C. 4321 et seq.); (d) The Uniform Relocation Assist-ance and Real Property Acquisition Policies Act of 1970 (42 U.S.C. 4601 et seq.); and (e) Other Federal and compliance re-quirements as may be applicable. 80.11 Investment-grade ratings. (a)

49、At the time a project sponsor sub-mits an application, the DOT shall re-quire a preliminary rating opinion let-ter. This letter is a conditional credit assessment from a nationally recog-nized credit rating agency that pro-vides a preliminary indication of the projects overall creditworthiness and that specifically addresses the poten-tial of the projects senior debt obliga-tions (those obligations having a lien senior to that of the TIFIA credit in-str